US-Iran Escalation: Trump’s “ceasefire is over” message after Khamenei’s funeral—plus threats of “1,000 missiles locked and loaded”—has coincided with renewed US strikes and Iranian retaliation, with sirens and missile alerts reported across Bahrain, Kuwait, Qatar and Jordan, while diplomats try to keep talks alive. Hormuz Pressure & Oil Markets: The Strait of Hormuz dispute is again driving shipping uncertainty; the IEA says global oil demand is recovering from May’s low but warns renewed Gulf fighting could derail forecasts and keep crude markets jittery. Diplomacy in Oman/Qatar: Mediators are scrambling as Iran’s foreign minister Abbas Araghchi heads to Oman and Qatar sends a delegation to Tehran, but Washington demands public guarantees for safe passage. Regional Fallout: Hamas urged Iran to avoid targeting neighbouring countries, even as it reaffirmed Iran’s right to respond—highlighting how the conflict is spreading beyond the US-Iran channel. US Domestic Politics Spillover: The Trump administration reportedly began a process to remove Syria from the US terrorism list, while also issuing subpoenas to New York Times journalists over Air Force One security questions. West Bank Flashpoint: US Democrat Ro Khanna says Israeli settlers detained him during a West Bank visit, underscoring how occupation tensions are colliding with US politics. Gulf Economy & Trade Friction: Financial Times reporting says Saudi banks have blocked or delayed payments to UAE accounts since mid-May, pointing to a widening Saudi-UAE rift affecting business. Iraq’s Banking Reality Check: Iraq leads the region in the number of banks, but services remain weak and corruption fears keep cash at home. Ukraine Air Defense Supply: Trump’s license for Ukraine to produce Patriot interceptors is a potential boost, but results will likely take years.